View Single Post
Old 01-11-14, 06:24 PM
In Real Life
Machka's Avatar
Join Date: Jan 2003
Location: Down under down under
Posts: 51,388

Bikes: Lots

Mentioned: 127 Post(s)
Tagged: 0 Thread(s)
Quoted: 2848 Post(s)
Liked 41 Times in 30 Posts
Originally Posted by Chris Pringle View Post
True that you can use any debit/credit card virtually anywhere in the world. Transaction fees and foreign exchange fees, however, have also become the norm worlwide. Add the two up on monthly basis and you'll be surprised how you could have easily paid for several meals or even hotel stays. For U.S. citizens, Charles Schwab Checking seems to be among the best in this respect. A few credit card companies have no foreign transaction fees.

Most large banks have partnerships with other banks in the world. If that's the case, tell them where you are going. They should be able to tell you which banks to use to avoid transaction fees. Here in Mexico, most expats go exclusively to a particular bank affiliated with their bank at home (unless it's an emergency).
You can reduce those transaction fees and foreign exchange fees by careful management ... i.e. taking money out for once a week for the week, taking advantage of cash back, etc.

And yes, bank partnerships help too.
Machka is offline